GERMANY: ‘ Deutsche Bank Exec’s Resign over Financial Mismanagement’

#AceBreakingNews – Featured Update:GERMANY:June.07: Deutsche Bank’s two co-chief executives resign in the wake of a series of missteps, the Wall Street Journal reported Sunday citing people familiar with the matter.

' Deutsche Bank Scandal '
‘ Deutsche Bank Scandal ‘

 Juergen Fitschen and Anshuman Jain’s resignations announced by France24 on Sunday, the outlet cites one person as saying. It adds Jain will stay with the banking giant as a consultant after June, while Fitschen will retain his post until next May.

The co-CEOs are thought to be quitting in the wake of a series of pratfalls, including a $2.5 billion fine for attempted interest rate manipulation, according to the publication.

The anticipated announcement also follows Friday’s launch of an investigation into money laundering of about $6 billion from 2011 to 2015 through Deutsche Bank’s Russian clients.

The bank was one of many financial institutions implicated in the 2008 real estate bubble that gave way to a global financial crisis. Deutsche Bank reached a settlement with shareholders early last year.

It is unclear yet who will succeed Fitschen and Anshuman as Deutsche Bank’s next chief executives.

@AceFinanceNews

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